$ 0 6. Applying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $21. A summary of purchases during the current period follows. During the period, Chen sold 2,800 units. Unit Unit s Cost Cost Beginning 1,00 Inventory $ 21 21,000 1,80 Purchase #1 0 23 41,400 Purchase #2 800 27 21,600 1,20 Purchase #3 0 30 36,000 (a) Assume that Cheri Lises the first-in, first-ourt method (FIFO). Compute both cost of goods sold for the current period and the ending inventory balance. Use the financial statenat effects template to record cost of goods sold for the period. Please show your calculations Ending inventory balance: Cost of goods sold: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Cash Asset Noncash + Asset Retained Eamings (Or Earned Capital) Contributed Capital Liabilities Net = Income Revenue Expense Recording FIFO Cost of goods sold (b) Assumc that Chen uses the last-in, first-out method (LIFO). Compurte both cost of goods sold for the current period and the ending inventory balance. Please show your calculations, Ending inventory balance: Cost of goods sold: 14